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POPS The End of U.S. Imperialism? Global hedge funds are not the only byproducts of U.S. policy that are turning on their creator. The International Monetary Fund (created by the U.S. largely at the end of WWII and controlled completely U.S. finance as the world’s capitalist currency was pegged to the U.S. dollar until the early 1970s, when the acquisition of dollars by European and Middle Eastern interests made that impossible to continue) is now openly criticizing U.S. deficits, trade policy, and for that matter, the lack of universal health care in the U.S. Additional coverage: Podcast #72 - A New Deal for America PA Editors Blog * No hobbits! * National Call-in Day on Diplomacy with Iran * C-SPAN Discussion of HR 676 Tuesday Night Subscribe to this Feed Headlines by FeedBurner As few U.S. politicians understand, and as the insurance and pharmaceutical company health care complex goes to great lengths to keep them from understanding, the private insurance based health care system here ma
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POPSCrisis marks the end of Western economic hegemony Used to be that other regions got in financial trouble and were forced to submit to the IMF's rules. Now the west is in trouble, Asia holds the cash, and we owe them. This marks a major shift in who decides how the world's economy will work - de-legitimizing, for instance, the G-7. And the G-7 don't realize it yet.
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POPSChina Attacks US Dollar, Wants "New Currency Order" China wants a "new world order" for currency and has tremendous financial leverage over America now. As the dollar gets dumped as the basis for global trade the US dollar's value is now bound to fall which will increase consumer prices very quickly. "Fiat money" printed by the Fed has now met its achilles heel when other countries regard it as worthless and unsafe as a basis for trade.
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POPSChina could dump U.S. Dollar Reserves in Trade War.
The story caused a stir in global markets. U.S. President George W. Bush said China would be foolhardy to dump dollars, while the top Republican on the U.S. Senate Finance Committee wrote to the Chinese ambassador seeking clarification. He said China had always taken a long-term, strategic view in its reserves management that took account of the changing trends in the global capital and foreign exchange markets. "The close economic and trade relations between China and the United States play an important role in the stable development of the two countries' economies and the world economy as well," the official told Xinhua. The Daily Telegraph said recent remarks by Xia Bin and He Fan, two senior economists at Chinese government-backed think tanks, were the first time Beijing had warned that it might use its foreign reserves as a political weapon. Analysts and traders in China played down the two economists' remarks. They did not believe the comments indicated any change in Be
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POPSOpen Money-The Next Global Currency I'm all in favor. No more federal reserve/world banks. I like the point made that it's open source. We don't need money, what we need to do is the right thing like the rest of the creation around us.
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POPSMeet the World's New Reserve Currency: The Chinese Yuan The November summit in Washington could produce some unwelcome surprises which were hinted at by Thailand's Deputy Prime Minister, Olarn Chaipravat, who told Bloomberg News: , "The message of this initiative is for China to consider whether or not China would open up its banking system and allow the strongest currency in the world, which is the Chinese yuan, to be the rightful and anointed convertible currency of the world." Surely, the present financial malaise which has its roots in Wall Street and at the Federal Reserve, has demonstrated that the dollar must be replaced as the world's "reserve currency" and that America must be deposed as the de facto steward of the global economic system. Leadership implies responsibility and the US must be held to account for its failings. It's time for a change.
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POPSFINAL VOTE RESULTS FOR ROLL CALL Fed Pumps Further $630 Billion Into Financial System (Update3) The Fed's expansion of liquidity, the biggest since credit markets seized up last year, came hours before the U.S. House of Representatives rejected a $700 billion bailout for the financial industry. The crisis is reverberating through the global economy, causing stocks to plunge and forcing European governments to rescue four banks over the past two days alone. Sept. 29 (Bloomberg) -- The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression. The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. http://www.bloomberg.com/apps/news?pid=20601087&sid=ahwz_k5JvuB8&refer=worldwide
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POPSThe European Bogeyman Since 2000, employment has actually grown a bit faster in Europe than in the United States — and since Europe has a lower rate of population growth, this has translated into a substantial rise in the percentage of working-age Europeans with jobs, even as America’s employment-population ratio has declined. Meanwhile, Europe’s Internet lag is a thing of the past. The dial-up Internet of the 1990s was dominated by the United States. But as dial-up has given way to broadband, Europe has more than kept up. The number of broadband connections per 100 people in the 15 countries that were members of the European Union before it was enlarged in 2004, is slightly higher than in the U.S. — and Europe’s connections are both substantially faster and substantially cheaper than ours.
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